Building a Lasting Family Business
This article acknowledges and discusses the portrayal that the media gives us of family businesses. Although this industry operates on the more risky side, the owners of family businesses possess a unique decision making power. Additionally, this article outlines the different types of models that you may want to incorporate inside your family business as…
Trends Driving Small Business in 2021
This article discusses how the COVID-19 pandemic has changed the landscape on which most small businesses operate. However, trends such as digital footprint, virtual efficiency, workplace culture, and customer reviews are all set to be significant in the new year. No matter your specific industry, these trends apply to all small business leaders. To view…
2021 1099s & W-2 Deadlines
To process your required 1099s and W-2s in a timely manner, we are requesting your information be submitted to Lewis & Knopf no later than January 22. We have listed the penalty amounts for late filings per the 2020 tax year instructions by the IRS. Large Businesses with Gross Receipts of More Than $5…
How To Avoid Tax Scams
Scam artists seem to come out of the woodwork when there’s money involved — and taxes are no exception. Fortunately, if you familiarize yourself with common tax scams and understand what the IRS will and won’t do, it’s easy to avoid them. Common scams Here are some common tax fraud schemes: Calls from IRS impersonators….
Is A Roth IRA Conversion Right For You This Year?
The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the long term. One idea to consider is converting a traditional IRA to a Roth IRA….
Rolling Over Capital Gains Into A Qualified Opportunity Fund
If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow — if you’re willing to tie up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). What…
5 Tips For Safe Intrafamily Loans
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift tax or both. Here are five tips to help avoid any unwelcome tax surprises: Create a paper trail. In general,…
Gig Workers, Know Your Tax Responsibilities
Let’s say you drive for a ride-sharing app, deliver groceries ordered online or perform freelance home repairs booked via a mobile device. If you do one of these jobs or myriad others that are similar, you’re likely a gig worker — part of a growing segment of the economy. For taxpayers who’ve turned to gig…
Firm News
- 2021 1099s & W-2 Deadlines
January 9, 2021 - Lewis & Knopf Announces New Intern
July 7, 2020
